Vietnam's Sole Refinery Plans $84 Million IPO on November 7
- Refinery plans 49% stake sale to strategic investors next year
- Government to offer a total 53 percent stake in Dung Quat
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Binh Son Refinery & Petrochemical Co. expects to raise about 1.9 trillion dong ($84 million) from selling a 4 percent stake during an initial public offering November 7 while it weighs potential bids from strategic investors, Chairman Nguyen Hoai Giang said.
The company, which operates Vietnam’s only refinery, Dung Quat Oil Refinery, is awaiting government approval for its plan to offer 132 million shares in the IPO, Giang said in an interview in Hanoi. The proposed initial share price is 14,600 dong each, he said. The company expects to sell 49 percent of the refinery to strategic investors next year, Giang added.